The currency changes are aimed at people hoarding illicit funds and not the common man – Presidency

The Presidency has said that the idea of redesigning some of the naira notes is aimed at elite Nigerians hoarding illicit funds and not the common man

This was according to a statement by Senior Special Assistant on Media and Publicity to the President, Garba Shehu. He said the government is not resting on its oars to see that citizens’ businesses are safe.

He said; “The currency changes is aimed at people hoarding illicit funds and not the common man, it became necessary to prevent counterfeits, corruption, and terrorist financing. It will stabilize and strengthen the economy on the long run,” Shehu stated on behalf of the presidency.

The Federal Government, however, acknowledged that the poorest section of society is facing untold hardship as they often keep hard cash at home for various expenses.

“Be rest assured that the government will not leave them to their own fate.

“A number of initiatives by the Central Bank and all commercial banks are currently underway to speed up distribution of the new notes we will take all necessary actions to forestall cash squeeze and chaos,” the presidency noted.